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View More Press Releases by Meyer-Chatfield

Press release:

Michael White/Meyer-Chatfield Report 3Q YTD BOLI Assets Continue to Climb, Favoring Hybrid Accounts

Issued by: Meyer-Chatfield

Date: Jan. 24, 2012

Radnor, PA, and Jenkintown, PA, January 24, 2012 - Separate account life insurance (SALI) assets continued to constitute the majority ($64.47 billion or 52.2%, up from 51.4% at mid-year) of total bank-owned life insurance (BOLI) assets in three quarters of 2011, according to the Michael White/Meyer-Chatfield Bank- Owned Life Insurance (BOLI) Holdings Report.  Among the biggest banks, those over $10 billion in assets, SALI assets of $59.80 billion constituted even more of their BOLI assets of $99.23 billion, reaching more than $3 of every $5 (60.3%) of total BOLI assets.

BOLI is used to recover costs of employee benefits and offset the liabilities of retirement benefits, helping banks to keep up with the rising benefit costs. Information about separate account life insurance (SALI) assets, general account life insurance (GALI) assets and hybrid account life insurance (HALI) assets held by commercial banks and FDIC-supervised savings banks became available for the first time at the end of first quarter 2011. Savings associations, i.e., thrifts, consolidate these types of BOLI assets when reporting.

Separate account life insurance assets are the cash surrender values (CSVs) associated with separate account insurance policies whose CSVs are supported by assets segregated from the general assets of the insurance carrier. Under such arrangements, the policyholders neither own the underlying separate account created by the insurance carrier on its behalf, nor control investment decisions in the underlying account; but they do assume all investment and price risk so that investment income and investment gains and losses generally accrue directly to the policyholders and are not accounted for in the general account of the insurer.

For more information: http://www.bankinsurance.com/about/press-releases/2012-01-24-PR-BOLI-HR-2011-3Q.pdf

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